Company Registration No. SC431023 (Scotland)
SPECIALISED MARINE SUPPORT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
SPECIALISED MARINE SUPPORT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SPECIALISED MARINE SUPPORT LTD
BALANCE SHEET
AS AT 29 NOVEMBER 2017
29 November 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
394,012
454,856
Current assets
Stocks
7,500
7,500
Debtors
4
40,432
61,792
Cash at bank and in hand
71
14,231
48,003
83,523
Creditors: amounts falling due within one year
5
(152,706)
(188,067)
Net current liabilities
(104,703)
(104,544)
Total assets less current liabilities
289,309
350,312
Creditors: amounts falling due after more than one year
6
(178,016)
(200,874)
Provisions for liabilities
(30,344)
(36,322)
Net assets
80,949
113,116
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
80,849
113,016
Total equity
80,949
113,116
SPECIALISED MARINE SUPPORT LTD
BALANCE SHEET (CONTINUED)
AS AT 29 NOVEMBER 2017
29 November 2017
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 29 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 18 October 2018 and are signed on its behalf by:
Mr I Hill
Director
Company Registration No. SC431023
SPECIALISED MARINE SUPPORT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 NOVEMBER 2017
- 3 -
1
Accounting policies
Company information
Specialised Marine Support Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
66 Tay Street, PERTH, PH2 8RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the period ended 29 November 2017
are the
first
financial statements of Specialised Marine Support Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents amounts receivable for boat charters and haulage income net of VAT and trade discounts.
Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line
Boat
10% straight line
Plant and equipment
33% straight line
Computer equipment
33% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
SPECIALISED MARINE SUPPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs
.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans
,
are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
SPECIALISED MARINE SUPPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2016 - 2).
SPECIALISED MARINE SUPPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2017
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2016
11,889
569,211
581,100
Additions
-
3,459
3,459
At 29 November 2017
11,889
572,670
584,559
Depreciation and impairment
At 1 December 2016
238
126,006
126,244
Depreciation charged in the period
238
64,065
64,303
At 29 November 2017
476
190,071
190,547
Carrying amount
At 29 November 2017
11,413
382,599
394,012
At 30 November 2016
11,651
443,205
454,856
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
39,957
37,161
Corporation tax recoverable
-
24,631
Other debtors
475
-
40,432
61,792
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
46,356
14,552
Corporation tax
-
37
Other taxation and social security
1,393
7,051
Other creditors
104,957
166,427
152,706
188,067
Bank borrowings are secured by fixed charges over the boats of the company, a bond and floating charge over the assets of the company and postponement of directors loans.
SPECIALISED MARINE SUPPORT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 NOVEMBER 2017
- 7 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
122,293
137,191
Other creditors
55,723
63,683
178,016
200,874
Bank borrowings are secured by fixed charges over the boats of the company, a bond and floating charge over the assets of the company and postponement of directors loans.
Creditors which fall due after five years are as follows:
2017
2016
£
£
Payable by instalments
62,931
78,618
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
80 "A" ordinary shares of £1 each
80
80
20 "B" ordinary shares of £1 each
20
20
100
100
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors' loan account
-
(41,502)
50,629
(8,622)
505
(41,502)
50,629
(8,622)
505
The loan is unsecured and repayable on demand.